[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

[Windel]

Hello BEC Q4 Test-takers,

Just took REG yesterday so I’m joining this forum to get an idea of what you guys/gals have been experiencing so far with the material, various software, challenges etc. I’m supposed to be taking AUD in late NOV but I’m still feeling the adrenaline from all this REG study anxiety, stress, false hope and partial relief from finally taking the exam that I’ve decided to throw BEC into the mix before Q1-2015. I’m going to study 4hrs/day=76hrs, 8hrs/wknd=48hrs for the next 3 weeks and if I feel comfortable enough, I’ll take it (BEC) on 10/31, then do the same for AUD. I think 124hrs of study should suffice unless you-all think otherwise????

[On2Sum]

@King Coffee;

With that study plan, You are going to consume gallons of your namesake (Coffee).

How much java do you currently consume? Have you tried BULLETPROOF COFFEE? It is coffee blended with butter and coconut oil. If you haven't heard of it, look into into it as soon as you can.

FAR - 79
REG - 76
AUD - 94
BEC - 77

DONE! DONE!! DONE!!!

"Success is not final, failure is not fatal; it is the courage to continue that counts"
-Winston Churchill

[On2Sum]

@BEACPA,

Dont despair, you're not alone.

I too plan on taking BEC on Nov 22.

I know corporate governance and some macro-econ stuff, but I am just now getting into the nitty-gritty and nasty part of it.

Hit it hard, you'll do just fine. After all, see how far you've come.

FAR - 79
REG - 76
AUD - 94
BEC - 77

DONE! DONE!! DONE!!!

"Success is not final, failure is not fatal; it is the courage to continue that counts"
-Winston Churchill

[jessy814]

@bcarmi4384

Did you post the correct answer for the question you posted on the last page? I looked, but did not see it. I think it is leadership, but I am not sure. Thank you in advance for your help! 🙂

Question:

What is the main function of a steering committee?

A. Resources

B. Management

C. Leadership

[Anonymous]

Question 21:

PLAN-0119

Need a hint?See Reference…

Johnson Co., distributor of candles, has reported the following budget assumptions for year 1: No change in candles inventory level; cash disbursement to candle manufacturer, $300,000; target accounts payable ending balance for year 1 is 150% of accounts payable beginning balance; and sales price is set at a markup of 20% of candle purchase price. The candle manufacturer is Johnson's only vendor, and all purchases are made on credit. The accounts payable has a balance of $100,000 at the beginning of year 1. What is the budgeted gross margin for year 1?

$60,000

$70,000

$75,000

$87,500

[Anonymous]

Any takers?

[Anonymous]

@Jessy814- I do not know the official answer to the question but I think it's leadership as well from what I was able to gather. Also the word “steering” kind of mean leadership. As in steering/leading one in the proper direction.

[Fil-Am]

Work it backwards or use T-account (I like): add 150k desired ending (100*1.5) plus 300k cash payments minus 100k beg invty = 350k purchases. Price is set 20% of cost. Total purchases of 350k * 120% = 420k sales. 420k-350k = 70k gross margin.

Anything worth doing is probably not easy, but the rewards are worth it. (unknown)
Please feel free to add me on LinkedIn just to say hello or stay in touch.

CPA Exam - PASSED 2014
CALCPA Ethics - Passed 2014
CA CPA License - Pending

To God be the Highest Glory. Little Miracle happens every second!

[Anonymous]

Trek…that was my answer but it's wrong.

[Anonymous]

Unless it's a mistake in Wiley which is possible.

[Fil-Am]

Hmmmm

Anything worth doing is probably not easy, but the rewards are worth it. (unknown)
Please feel free to add me on LinkedIn just to say hello or stay in touch.

CPA Exam - PASSED 2014
CALCPA Ethics - Passed 2014
CA CPA License - Pending

To God be the Highest Glory. Little Miracle happens every second!

[Anonymous]

Nope…75k

[Fil-Am]

🙁 I don't know how to come up with the 75k. Anyone? All I could come up is 70k. Wondering if it is a mistake.

Anything worth doing is probably not easy, but the rewards are worth it. (unknown)
Please feel free to add me on LinkedIn just to say hello or stay in touch.

CPA Exam - PASSED 2014
CALCPA Ethics - Passed 2014
CA CPA License - Pending

To God be the Highest Glory. Little Miracle happens every second!

[Anonymous]

The explanation is not to helpful..it talks about the difference between absorption/variable which I understand but not quite sure how they are applying it to this question.

[Anonymous]

This is the explanation when you click on the “correct” answer……not seeing how this correlates at all…..

When production is greater than sales, absorption costing income will be greater than variable costing income. This is because when production is greater than sales, more fixed costs are deferred in the inventory cost to the next period under absorption costing.

[Author]

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